Companies engage in swaps in order to benefit from an exchange of comparative interest rate advantage. The terms of a plain vanilla (i.e. straightforward) swap are highly variable from contract to contract based on the needs of and resources available to the participating counterparties. A Treasury bond is often used as a. 20 Nov One of the odder distortions created by post-crisis financial regulation -- the unprecedented decline in U.S. swap rates below Treasury yields -- may be poised to end. This document has been prepared by Macquarie Investment Management Limited (Australian Business Number 66 Australian. Financial Services Licence ) (MIML), and is directed only to 'wholesale clients' as defined in Australia's Corporations Act , located in Australia. This document contains.